Global gas turbines market set to decline by CAGR 7.7% over the next four years to $6.84bn by 2022, says GlobalData

October 9, 2018 (Investorideas.com Newswire) The global gas turbines market value is estimated to be $6.84bn in 2022, declining with a negative compound annual growth rate (CAGR) of 7.7% between 2018 and 2022, according to GlobalData, a leading data and analytics company. When comparing the total market value for the 5 year period 2013 to 2017 of $52.39bn and the estimate for 2018 to 2022 of $37.97bn, the CAGR decline is 0.7%.

Nirushan Rajasekaram, Power Analyst at GlobalData, comments: "The need to meet the short term increasing demand for electricity faces significant technical, monetary and supply challenges that are influencing governments' agendas to generate cheap electricity; utilizing indigenous resources and existing power generation infrastructure. The existing infrastructures in most nations are heavily tilted towards coal and a potential shift towards abruptly increasing gas would require substantial investments."

Cost plays a significant role in assessing potential power generation technologies. Nations will prefer to capitalize on the declining prices of renewables as well as distributed energy technologies and cheaper coal to generate electricity to meet the immediate demand for electricity. Moreover, initiatives to reduce demand through various efficiency measures, would limit the need for new generation capacities, which are capital intensive development projects.

However, the demand for gas turbines is primarily driven by climate change commitments, the ongoing development of suitable gas infrastructure, and evolving technologies which enhance generation efficiency.

Gas power generation offers the backup capabilities of coal based generation, with the added benefit of low emissions, allowing nations to achieve their environmental commitments without destabilizing their burgeoning development growth. China, the dominant nation within the region has prioritized cleaner technologies such as gas and renewables to support its economic growth. Southeast Asia, a region with a high population and economic growth is also expected to drive the demand for gas turbines.

Rajasekaram concludes: "In the long run, gas turbines are expected to be a relevant source of power generation. The transition towards low carbon economies, the phasing out of coal, restricted use of nuclear technology, stringent emission norms, the establishment of robust infrastructure and ramping up support for renewables will all help to drive the gas turbines market."

The report offers an overview of the gas turbine market at global, regional (Asia-Pacific, Americas, Europe, Middle East and Africa) and key countries (the US, Mexico, China, India, Japan, Republic of Korea, Indonesia, Egypt, the UK, and Saudi Arabia) level. The report analyzes the gas turbines market value and volume for the historical (2012-2017) and forecast (2018-2022) period. The report also covers the drivers and restraints affecting the gas turbines market, country-wise annual capacity additions and market value, competitive landscape for respective countries in 2017, and key upcoming projects. In addition, profiles of major gas turbine manufactures are also presented in this report.

About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

OilandGasStockNews.com- investing ideas in oil and gas stocks

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.